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Merged QSuper keeps same name for some, vows fee cut for all

Business

Any reference to Queensland has gone from the new name but the merger of QSuper and Sunsuper will deliver an as-yet unspecified fee cut for its 2 million members.

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The $230 billion fund will be called the Australian Retirement Trust, a name takes it out of its birth state.

But Queensland public servants, who make up the bulk of QSuper members, will retain some individuality. They will remain under a QSuper brand within the new trust while Sunsuper’s name will disappear.

Chief executive Bernard Reilly said the merged fund’s name was an important step forward in the merger process.

“Australian Retirement Trust will be a force for good, to make the world for our two million members better, guiding them to and through retirement,” Reilly said.

“Australian Retirement Trust captures the key elements of our proposed organisation: our fund is for all Australians, no matter where they live or what industry they work in.

“We will guide our members to and through retirement, and as a fund that works for members, not shareholders, we will be trusted to work in their best interests.

“As two of Australia’s largest profit-for-members super funds, Sunsuper and QSuper have together taken care of their more than two million members’ superannuation for 140 years.

“Australian Retirement Trust will continue both Sunsuper’s and QSuper’s focus on working for members, aiming to deliver strong, long-term investment returns and low fees and providing the tools and advice to help members feel on top of their super.

“We’ll leverage our size and scale to be a force for good to make our members’ world better, seeking out investments to guard and grow their savings and retirement income.”

Australian Retirement Trust’s future trustees have flagged that they intend to deliver a post-merger fee reduction to apply from the start of the next financial year, with final details to be communicated to members before June 30, 2022.

The current 1.4 million Sunsuper members will become members of Australian Retirement Trust’s public offering, as will all new members not connected to the Queensland Government.

The QSuper brand will continue as a part of Australian Retirement Trust, dedicated to providing superannuation products and services to Queensland Government employees and their families.

The planned merger is on track to proceed on 28 February 2022 pending final board, regulatory and legislative approvals.

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